(a) Exemption. The Board may, by agency order, exempt an interlock from the prohibitions
in section 212.3 if the Board finds that the interlock would not result
in a monopoly or substantial lessening of competition and would not
present safety-and-soundness concerns.
(b) Presumptions. In reviewing an application
for an exemption under this section, the Board will apply a rebuttable
presumption that an interlock will not result in a monopoly or substantial
lessening of competition if the depository organization seeking to
add a management official—
(1) primarily serves low- and moderate-income areas;
(2) is controlled or managed by persons
who are members of a minority group, or women;
(3) is a depository institution that has
been chartered for less than two years; or
(4) is deemed to be in “troubled condition”
as defined in 12 CFR 225.71.
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(c) Duration. Unless a shorter expiration period is provided in
the Board approval, an exemption permitted by paragraph (a) of this
section may continue so long as it does not result in a monopoly or
substantial lessening of competition, or is unsafe or unsound. If
the Board grants an interlock exemption in reliance upon a presumption
under paragraph (b) of this section, the interlock may continue for
three years, unless otherwise provided by the Board in writing.
